I 

114TH CONGRESS 

1ST SESSION H. R. 4302 

To require the Secretary of the Treasury to pursue with other countries 

the goal of the mutual elimination of government-backed export credit 

agencies, and to provide for the abolishment of the Export-Import Bank 

of the United States if doing so would not put the United States 

at a competitive disadvantage. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 18, 2015 

Mr. GRAVES of Louisiana introduced the following bill; which was referred to 

the Committee on Financial Services 

A BILL 

To require the Secretary of the Treasury to pursue with 

other countries the goal of the mutual elimination of 

government-backed export credit agencies, and to provide 

for the abolishment of the Export-Import Bank of the 

United States if doing so would not put the United 

States at a competitive disadvantage. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Entering Negotiations 

5 to Dissolve Outdated Financial Agencies Nationalizing 


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1 Export Related Activities’’ or the ‘‘END OF AN ERA 

2 Act’’. 

3 SEC. 2. FINDINGS. 

4 The Congress finds as follows: 

5 (1) Approximately 80 to 90 percent of world 

6 trade relies on trade finance, and the approximate 

7 value of the global market for trade finance is 

8 $10,000,000,000,000 per year. 

9 (2) In 2012, export credit agencies in Germany 

10 and France extended roughly two-and-a-half times 

11 as much export financing—measured as a share of 

12 their GDPs—as was extended by the Export-Import 

13 Bank of the United States; export credit agencies in 

14 China and India provided almost 3 times, and in 

15 Korea provided 10 times, as much export financing 

16 as was provided by the Export-Import Bank of the 

17 United States. 

18 (3) It is estimated that there are as many as 

19 85 export credit agencies globally. 

20 (4) In a true free market economy, private sec21 tor financing options would negate the need for an 

22 export credit agency such as the Export-Import 

23 Bank of the United States. 

24 (5) Unilateral abolishment of the Export-Im25 port Bank of the United States would place United 


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1 States manufacturing at a global competitive dis2 advantage. 

3 (6) The United States historically has led ef4 forts to impose international disciplines on govern5 ment-backed export credit activity. 

6 SEC. 3. REQUIREMENT TO SEEK NEGOTIATIONS WITH 

7 OTHER COUNTRIES FOR THE MUTUAL ELIMI8 NATION OF GOVERNMENT-BACKED EXPORT 

9 CREDIT AGENCIES; ANNUAL PROGRESS RE10 PORTS. 

11 (a) IN GENERAL.—The Secretary of the Treasury (in 

12 this Act referred to as the ‘‘Secretary’’) shall seek to enter 

13 into negotiations with other countries for the mutual elimi14 nation of government-backed export credit agencies. 

15 (b) PROGRESS REPORTS.—The Secretary shall sub16 mit to the Committee on Financial Services of the House 

17 of Representatives and the Committee on Banking, Hous18 ing, and Urban Affairs of the Senate (in this Act referred 

19 to as the ‘‘relevant Committees’’) annual reports, in writ20 ing, of— 

21 (1) progress made in arranging negotiations de22 scribed in subsection (a); and 

23 (2) progress made in any such negotiations, in24 cluding whether eliminating the Export-Import Bank 

25 of the United States (in this Act referred to as the 


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1 ‘‘Bank’’) at the time of the report would put the 

2 United States at a competitive disadvantage. 

3 SEC. 4. CERTIFICATION THAT ELIMINATING THE EXPORT4 IMPORT BANK OF THE UNITED STATES WILL 

5 NOT PUT THE UNITED STATES AT A COMPETI6 TIVE DISADVANTAGE. 

7 On a determination by the Secretary that the Bank 

8 can be eliminated in a way that would not put the United 

9 States at a competitive disadvantage, considering job 

10 losses and a decrease in economic activity, the Secretary 

11 shall submit to the relevant Committees a certification of 

12 the determination. 

13 SEC. 5. REDUCTIONS OF AUTHORITIES BEFORE ABOLISH14 MENT. 

15 (a) IN GENERAL.—Notwithstanding any other provi16 sion of law: 

17 (1) TERMINATION OF AUTHORITY TO ACCEPT

18 APPLICATIONS FOR ASSISTANCE.—The Bank may 

19 not accept an application for a loan, insurance, or a 

20 guarantee, or to participate in an extension of credit 

21 by another entity, after the date the Secretary pro22 vides the certification described in section 4. 

23 (2) TERMINATION OF AUTHORITY TO RENEW

24 OR ENTER INTO A CONTRACT FOR THE PROVISION

25 OF ASSISTANCE BY THE BANK.—The Bank may not 


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1 renew or enter into a contract which would obligate 

2 the Bank to provide a loan, insurance, or a guar3 antee, or participate in an extension of credit by an4 other entity, after the date the Secretary provides 

5 the certification described in section 4. 

6 (b) RULE OF INTERPRETATION.—Nothing in this 

7 section shall be construed to extend the expiration date 

8 of any authority provided by section 7 of the Export-Im9 port Bank Act of 1945. 

10 SEC. 6. ABOLISHMENT OF THE EXPORT-IMPORT BANK OF 

11 THE UNITED STATES. 

12 (a) IN GENERAL.—Effective on the abolishment date: 

13 (1) ABOLISHMENT.—The Bank is abolished. 

14 (2) TRANSFER OF FUNCTIONS.—All functions 

15 that, immediately before the abolishment date are 

16 authorized to be performed by the Bank, the Board 

17 of Directors of the Bank, any officer or employee of 

18 the Bank acting in that capacity, or any agency or 

19 office of the Bank, are transferred to the Secretary. 

20 (b) ABOLISHMENT DATE DEFINED.—In this Act, the 

21 term ‘‘abolishment date’’ means 180 days after the date 

22 the Secretary provides the certification described in sec23 tion 4. 


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1 SEC. 7. RESOLUTION AND TERMINATION OF BANK FUNC2 TIONS. 

3 (a) RESOLUTION OF FUNCTIONS.—The Secretary 

4 shall— 

5 (1) complete the disposition and resolution of 

6 functions of the Bank in accordance with this Act; 

7 and 

8 (2) resolve all functions that are transferred to 

9 the Secretary under section 6(a)(2). 

10 (b) TERMINATION OF FUNCTIONS.—All functions 

11 that are transferred to the Secretary under section 6(a)(2) 

12 shall terminate on the date all obligations of the Bank, 

13 and all obligations of others to the Bank, in effect imme14 diately before the abolishment date have been satisfied, as 

15 determined by the Secretary. 

16 (c) REPORT TO THE CONGRESS.—When the Sec17 retary makes the determination described in subsection (b) 

18 of this section, the Secretary shall report the determina19 tion to the Committees referred to in section 3(b). 

20 SEC. 8. DUTIES OF THE SECRETARY OF THE TREASURY. 

21 (a) IN GENERAL.—The Secretary shall be responsible 

22 for the implementation of this Act, including— 

23 (1) the administration and dissolution of all 

24 functions transferred to the Secretary under section 

25 6(a)(2); 


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1 (2) the administration and dissolution of any 

2 outstanding obligations of the Federal Government 

3 under any programs terminated by this Act; and 

4 (3) taking such other actions as may be nec5 essary to dissolve any outstanding affairs of the 

6 Bank. 

7 (b) DELEGATION OF FUNCTIONS.—The Secretary 

8 may take such actions as may be necessary to wind up 

9 and dissolve all functions transferred to the Secretary 

10 under section 6(a)(2). 

11 (c) RULE OF INTERPRETATION.—Nothing in this Act 

12 may be construed to authorize positions and functions of 

13 the Bank after 60 days of abolishment. 

14 SEC. 9. CONFORMING AMENDMENTS AND REPEALS. 

15 (a) REPEAL OF PRIMARY AUTHORIZING STATUTE.— 

16 The Export-Import Bank Act of 1945 (12 U.S.C. 635– 

17 635i–9) is hereby repealed. 

18 (b) ELIMINATION OF RELATED AUTHORIZING PROVI19 SIONS.— 

20 (1) Section 103 of the International Develop21 ment and Finance Act of 1989 (12 U.S.C. 635 note; 

22 Public Law 101–240) is hereby repealed. 

23 (2) Section 303 of the Support for East Euro24 pean Democracy (SEED) Act of 1989 (12 U.S.C. 

25 635 note; Public Law 101–179) is hereby repealed. 


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1 (3) Section 1908 of the Export-Import Bank 

2 Act Amendments of 1978 (12 U.S.C. 635a–1) is 

3 amended— 

4 (A) by striking ‘‘(a)’’; and 

5 (B) by striking subsection (b). 

6 (4) Sections 1911 and 1912 of the Export-Im7 port Bank Act Amendments of 1978 (12 U.S.C. 

8 635a–2 and 635a–3) are hereby repealed. 

9 (5) Section 206 of the Bank Export Services 

10 Act (12 U.S.C. 635a–4) is hereby repealed. 

11 (6) Sections 1 through 5 of Public Law 90–390 

12 (12 U.S.C. 635j through 635n) are hereby repealed. 

13 (7) Sections 641 through 647 of the Trade and 

14 Development Enhancement Act of 1983 (12 U.S.C. 

15 635o–635t) are hereby repealed. 

16 (8) Section 534 of the Foreign Operations, Ex17 port Financing, and Related Programs Appropria18 tions Act, 1990 (12 U.S.C. 635g note; Public Law 

19 101–167) is amended by striking subsection (d). 

20 (9) Section 3302 of the Omnibus Trade and 

21 Competitiveness Act of 1988 (12 U.S.C. 635i–3 

22 note; Public Law 100–418) is amended by striking 

23 subsection (a). 

24 (10) Section 1105(a) of title 31, United States 

25 Code, is amended by striking paragraph (34) and reVerDate Sep 11 2014 00:30 Dec 24, 2015 Jkt 059200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H4302.IH H4302

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1 designating the succeeding paragraphs of such sec2 tion as paragraphs (34) through (38), respectively. 

3 (11) Section 9101(3) of title 31, United States 

4 Code, is amended by striking subparagraph (C). 

5 (c) ELIMINATION OF RELATED COMPENSATION PRO6 VISIONS.— 

7 (1) POSITION AT LEVEL III.—Section 5314 of 

8 title 5, United States Code, is amended by striking 

9 the following item: 

10 ‘‘President of the Export-Import Bank of Wash11 ington.’’. 

12 (2) POSITIONS AT LEVEL IV.—Section 5315 of 

13 title 5, United States Code, is amended— 

14 (A) by striking the following item: 

15 ‘‘First Vice President of the Export-Import Bank of 

16 Washington.’’; and 

17 (B) by striking the following item: 

18 ‘‘Members, Board of Directors of the Export-Import 

19 Bank of Washington.’’. 

20 (d) ELIMINATION OF OFFICE OF INSPECTOR GEN21 ERAL FOR THE BANK.—Section 12 of the Inspector Gen22 eral Act of 1978 (5 U.S.C. App.) is amended— 

23 (1) in paragraph (1), by striking ‘‘the President 

24 of the Export-Import Bank;’’; and 


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1 (2) in paragraph (2), by striking ‘‘the Export2 Import Bank,’’. 

3 (e) EFFECTIVE DATE.—The repeals and amend4 ments made by this section shall take effect on the abolish5 ment date. 

6 (f) REPORT TO THE CONGRESS ON OTHER AMEND7 MENTS TO FEDERAL STATUTE.—The Secretary shall sub8 mit to the relevant Committees a written report that con9 tains suggestions for such other amendments to Federal 

10 statutes as may be necessary or appropriate as a result 

11 of this Act. 

12 SEC. 10. REFERENCES. 

13 Any reference in any other Federal law, executive 

14 order, rule, regulation, or delegation of authority, or any 

15 document of or pertaining to a department or office from 

16 which a function is transferred by this Act— 

17 (1) to the head of such department or office is 

18 deemed to refer to the head of the department or of19 fice to which the function is transferred; or 

20 (2) to such department or office is deemed to 

21 refer to the department or office to which the func22 tion is transferred. 

23 SEC. 11. DEFINITIONS. 

24 In this Act: 


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1 (1) FUNCTION.—The term ‘‘function’’ includes 

2 any duty, obligation, power, authority, responsibility, 

3 right, privilege, activity, or program. 

4 (2) OFFICE.—The term ‘‘office’’ includes any 

5 office, administration, agency, bureau, institute, 

6 council, unit, organizational entity, or component 

7 thereof. 

Æ 


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